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Previous: CAPTEC FRANCHISE CAPITAL PARTNERS L P IV, S-11/A, 1996-11-27 |
Next: SOUTHPOINT STRUCTURED ASSETS INC, 8-A12B/A, 1996-11-27 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8 - K
C U R R E N T R E P O R T
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 27, 1996
- -------------------------------------------------------------------------------
World Omni 1996-B Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-11449 Not applicable
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission File Number) IRS Employer
of incorporation) Identification No.
120 N.W. 12th Avenue Deerfield Beach, FL 33442
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (954)429-2200
- --------------------------------------------------------------------------------
<PAGE>
Item 5: Other Events.
See attached Servicer's Certificate.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934 the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
World Omni 1996-B Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: November 27, 1996 BY: /s/Alan J. Browdy
----------------- -----------------------------------
Alan J. Browdy
Vice President
World Omni Financial Corp.
(Duly Authorized Officer of the Servicer
on behalf of the Trust)
<TABLE>
WORLD OMNI 1996-B AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
October 31, 1996
<CAPTION>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
<S> <C> <C> <C>
Original 812,498,498.17 810,873,501.00
9/1/96 812,498,498.17 810,873,501.00
Principal collections & reimbursement loss amount 19,278,498.62 19,239,941.62
10/31/96 793,219,999.55 791,633,559.38
Certificate Balance @ 10/31/96 812,498,498.17 810,873,501.00
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 32.71856% 260,000,000
9/1/96 32.71856% 260,000,000
Principal collections & reimbursement loss amount 18,732,449
10/31/96 241,267,551
Certificate Balance @ 10/31/96 32.71856% 260,000,000
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 35.23537% 280,000,000
9/1/96 35.23537% 280,000,000
Principal collections & reimbursement loss amount 64,255
10/31/96 279,935,745
Certificate Balance @ 10/31/96 35.23537% 280,000,000
Class A-3
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 26.43383% 210,057,988
9/1/96 26.43383% 210,057,988
Principal collections & reimbursement loss amount 48,205
10/31/96 210,009,783
Certificate Balance @ 10/31/96 26.43383% 210,057,988
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 44,598,043
9/1/96 5.61224% 44,598,043
Principal collections & reimbursement loss amount 10,234
10/31/96 44,587,809
Certificate Balance @ 10/31/96 5.61224% 44,598,043
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 16,217,470
9/1/96
Principal collections & reimbursement loss amount 2.00000% 381,077
10/31/96 2.00000% 15,836,393
Certificate Balance @ 10/31/96 2.00000% 16,217,470
Distributable Amounts Total
Interest Distributable Amount 3,044,817.97
Principal Distributable Amount (1) 19,053,860.82
Reimbursed Charged-off Amount (1) 186,080.80
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 22,284,759.59
Distributable Amounts Class A-1 %
Interest Distributable Amount 902,416.67
Principal Distributable Amount (1) 18,672,783.60 98.00000%
Reimbursed Charged-off Amount (1) 59,665.30 32.06419%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 19,634,865.57
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,012,666.67
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 64,254.94 34.53066%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,076,921.61
Distributable Amounts Class A-3 %
Interest Distributable Amount 765,836.41
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 48,204.51 25.90515%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 814,040.92
Distributable Amounts Class B %
Interest Distributable Amount 178,206.35
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 10,234.44 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 188,440.79
Distributable Amounts Seller Interest %
Interest Distributable Amount 185,691.87
Principal Distributable Amount (1) 381,077.22 2.00000%
Reimbursed Charged-off Amount (1) 0.00 0.00000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 566,769.09
(1) These amounts will not be distributed during the Revolving period. They will
be reinvested in additional contracts.
Certificate Factors Series A-1 Series A-2
9/1/96 100.0000000% 100.0000000%
10/31/96 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series B
9/1/96 100.0000000% 100.0000000%
10/31/96 100.0000000% 100.0000000%
Pool Data 9/1/96 $
Number of Loans 35,016
Prepayments 0 0.00
Scheduled Terminations 0 0.00
Charge-Offs 0 0.00
Weighted Ave APR 8.82%
Pool Data 10/31/96 $
Number of Loans 34,783
Prepayments 199 4,782,523.33
Scheduled Terminations 0 0.00
Charge-Offs 34 755,269.63
Weighted Ave APR 8.82%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 9/01/96 0.00 0.00 28,380,573.00
Balance as of 10/31/96 1,105,114.60 108,872.11 28,380,573.00
Change 1,105,114.60 108,872.11 0.00
Required Amount (withdrawl from reserve) 0.00
Reserve Fund Requirement 28,380,573.00
Reserve Fund Supplement Requirement 0.00
Residual Value Surplus Account
Beginning Balance 9/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 10/31/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 3.75498517
Interest Distribution Amount 3.75498517
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-1
Total Distribution Amount 3.47083335
Interest Distribution Amount 3.47083335
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-2
Total Distribution Amount 3.61666668
Interest Distribution Amount 3.61666668
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-3
Total Distribution Amount 3.64583331
Interest Distribution Amount 3.64583331
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class B
Total Distribution Amount 3.99583340
Interest Distribution Amount 3.99583340
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall 0.00000000
Distribution per $1,000 Seller Interest
Total Distribution Amount 11.45011319
Interest Distribution Amount 11.45011319
Carryover Shortfall -----
Prior Carryover Shortfall -----
Total Carryover Shortfall -----
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount -----
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount -----
Unpaid Principal Loss Interest Amount -----
Seller Principal not paid to Seller 0.00000000
Seller Interest not paid to Seller 0.00000000
Unpaid Class B Principal Carryover Shortfall -----
Servicing Fee Total
Amount of Servicing Fee Paid 1,351,455.84
Total Unpaid 0.00
Servicing Fee Class A
Amount of Servicing Fee Paid 1,250,096.65
Total Unpaid 0.00
Servicing Fee Class B
Amount of Servicing Fee Paid 74,330.07
Total Unpaid 0.00
Servicing Fee Seller Interest
Amount of Servicing Fee Paid 27,029.12
Total Unpaid 0.00
Origination Trustee Expenses Paid (1)
UTI 0.00
SUBI 0.00
0.00
Securitization Trustee Expenses Paid (1) 0.00
Additional Loss Amounts (2) 0.00
(1) Expenses greater than $50,000 are broken out as follows:
(2) Broken out as follows:
Number of Number of
Matured Scheduled Maturity
Leases Maturities Ratio
MATURITY RATIO
October 0 0 N/A
(Maturity Ratio Test will be satisfied if the ratio is 50% or less. This test does not apply unless at least 25 contracts were
scheduled to mature.)
CHARGE-OFF RATE September October
Outstanding 121,015.92 634,253.71
Balance
Net
Liquidation 83,205.39 424,175.70
Proceeds
Average
Aggregate
Net Investment 812,498,498.17 812,498,498.17
Value
Annualized
Average
Charge-Off 0.06% 0.31%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.18%
DELINQUENCY RATE
# $
Past Due 31-60 days 207 4,815,475
Past Due 61-90 days 27 685,224
Past Due 91 + days 11 220,126
Total 245 5,720,825
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
September 18 34,911 0.05%
October 38 34,783 0.11%
0.08%
REALIZATION RATIO
September October
Sale
Proceeds 0.00 0.00
Residual Value
of Sold
Matured Leases 0.00 0.00
Realization
Ratio 0.00% 0.00%
(Realization Test will be satisfied if the Maturity Ratio is 25% or less
or the Realization Ratio is 75% or more) 0.00%
</TABLE>
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